Congressman Rob Woodall (R-GA) has signed on to the newly re-introduced "Business Cycle Balanced Budget Amendment (BBA)." The bill was introduced on Friday, October 14, by Woodall's fellow House Budget Committee Member, Congressman Justin Amash (R-MI).
"I am pleased to join my colleague, Congressman Amash, on such an innovative solution to getting our nation's financial house in order," Woodall said.
By permitting the government in any one year to spend an average of its receipts (tax revenue) over the previous three years, the Business Cycle BBA would provide a sustainable and responsible way to balance our nation's budget without completely ignoring the real-world financial and economic challenges that regularly affect our nation's spending priorities.
A copy of the three-page bill can be found by clicking here.
As part of the bipartisan Budget Control Act, both chambers in Congress are required to take up consideration of a Balanced Budget Amendment before the end of the year.
"A Balanced Budget Amendment is crucial to ensuring fiscal responsibility in our government, not only today, but in the years to come," Woodall said. "American families and businesses must decide how to spend their money responsibly; it's time that the folks in Washington do the same."